Decentral Block Post

Bitcoin (BTC) showed little interest in moving higher at the April 7 Wall Street open as fresh United States macro data boosted bets on further interest rate hikes.

Analyst: Fed will keep hiking “until something breaks”

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it drifted around $27,900 on Bitstamp.

U.S. nonfarm payrolls figures, the main macro data focus of the week, came in slightly below expectations, indicating unemployment rising more slowly than predicted.

This in turn raised market expectations that the Federal Reserve would persist in raising interest rates to combat inflation — at the expense of crypto and risk asset performance.

The odds of another 25-basis-point rate hike in May topped 70% on the day, according to CME Group’s FedWatch Tool, having previously circled 50%.

XRP (XRP) has risen by an impressive 60% in the first quarter of 2023, helped by rising speculation over Ripple's legal win versus the U.S. Securities and Exchange Commission (SEC) and broader bullish sentiment in the cryptocurrency market.

The XRP/USD pair now eyes more gains in the second quarter, primarily due to a classic bullish continuation pattern.

XRP price paints bull pennant

Late March, XRP broke above its multi-month ascending trendline resistance, averting a potential 35% correction. The rebound reached $0.58 on March 29, its highest level since May 2022.

Now, XRP has been consolidating sideways in what appears to be a bull pennant. This bullish continuation pattern forms when the price consolidates inside a symmetrical triangle after undergoing a strong rally.

A bull pennant resolves after the price breaks above its upper trendline while accompanying a rise in trading volumes. The pattern's breakout target is obtained by adding the height of the previous uptrend (flagpole) to the breakout point.

XRP (XRP) has risen by an impressive 60% in the first quarter of 2023, helped by rising speculation over Ripple's legal win versus the U.S. Securities and Exchange Commission (SEC) and broader bullish sentiment in the cryptocurrency market.

The XRP/USD pair now eyes more gains in the second quarter, primarily due to a classic bullish continuation pattern.

XRP price paints bull pennant

Late March, XRP broke above its multi-month ascending trendline resistance, averting a potential 35% correction. The rebound reached $0.58 on March 29, its highest level since May 2022.

Now, XRP has been consolidating sideways in what appears to be a bull pennant. This bullish continuation pattern forms when the price consolidates inside a symmetrical triangle after undergoing a strong rally.

A bull pennant resolves after the price breaks above its upper trendline while accompanying a rise in trading volumes. The pattern's breakout target is obtained by adding the height of the previous uptrend (flagpole) to the breakout point.

Bitcoin (BTC) stuck to a narrow trading range into April 7 as crypto analysts awaited the week’s main United States macroeconomic data.

$30,000 or $25,000 for Bitcoin?

Data from Cointelegraph Markets Pro and TradingView confirmed another day’s ranging around $28,000 for BTC/USD.

The pair had shunned volatility over most of the week, but now faced nonfarm payroll (NFP) numbers as a final potential catalyst for risk assets.

“Expectations are that we’ll be seeing 3.6%, similar to last month. Based on the financial numbers of this week, I’d rather expect 3.7-3.8%,” Michaël van de Poppe, founder and CEO of trading firm Eight, summarized about his expectations.

“Result; $DXY down, $BTC unchanged and indices down/up depending on how far the outlier will be.”

The financial and advertising regulators of the United Kingdom have teamed up to send a warning to social media “finfluencers” telling them to stop promoting illegal “get rich quick” schemes or face law enforcement.

The Financial Conduct Authority (FCA) and the Advertising Standards Authority (ACA) made reference to cryptocurrencies and nonfungible tokens in their April 6 statement, which laid out a seven-part checklist to ensure that finfluencers stay within the bounds of the law.

The checklist asks finfluencers to consider whether they’re the “right person” to be promoting the financial product and states that their followers may “lose all their money” from the investment. It also states:

“Don’t suggest to your followers that cryptoassets would be an easy investment decision or create any sense of urgency or FOMO.”

In addition to conducting “due diligence,” social media influences should seek approval of the FCA and ensure that the advertisement is legal, truthful and properly labeled as an advertisement under ASA rules.